Economy
NSE Bwari Donates N5m Solar Borehole to Gaba Community
The Nigerian Society of Engineers (NSE), Bwari branch, has donated a solar powered borehole worth about N5 million to Gaba community, Bwari Area Council, Abuja, FCT.
The Chairman, NSE Bwari branch, Dr Halima Adediran, said during the inauguration of the borehole on Tuesday that the borehole was donated to the community to redeem a pledge.
“Actually, the inauguration of the solar power project you are seeing today is one of the promises I made when I took over the leadership of the society.
“When I took over in the midst of COVID-19 pandemic last year, I indentified one of the challenges that needed to be solved was to bring engineering solutions to mitigate the spread of the pademic.
“So, we immediately sprang into action and carried out a study of some communities and we found out that there were two densely populated communities, which are Gaba and Igu that do not have portable water,” she said.
She explained that the project was initially estimated to cost N2.5 million in 2020, but due to high cost of materials, about N5 million was spent on it.
“The only water source available to them is a stream and we know that makes them prone to water borne diseases.
“So, we had to quickly join forces together and sink a borehole for them, not just a borehole but a solar powered borehole so that they don’t incur electric bill,” she said.
Adediran said two members of the Bwari branch sponsored the project; calling on well meaning Nigerians and other professional bodies to support villages and communities in Abuja.
She promised that the society would reach out to other communities in need of water among others, adding that NSE would have constructed more boreholes for Gaba community but was handicapped by funds.
The Minister of State, FCT, Dr Ramatu Aliyu, observed that the whole country was ravaged by the out break of cholera, especially in the FCT.
Aliu, represented by Dr Mohammed Dan-Hassan, Executive Director, FCT Rural Water Supply and Sanitation Agency (FCT RUWASSA), said at the last count, the FCT had recorded over 71 deaths from the disease.
“FCT did not record such fatality rate during COVID like what we just had in cholera outbreak and billions were spent in trying to arrest the ravishing effect of COVID-19 and cholera.
“Cholera is usually contacted from unsafe water resources and food and one of the ways to curtail the menace is to provide safe drinking water.
“To the glory of God, our own engineers who are problem solvers noticed and identified the need to solve a problem in this community.
“We are making efforts to ensure every household in every community in FCT has a toilet to stop open defecation,” said the minister.
Speaking at the event, President of NSE, Babagana Mohammed, said the project was a promise made and fulfilled, urging the community to ensure the sustainability of the project.
Also, Mr Mohammed Babakobi, Director, Stadia and facilities, Federal Ministry of Youth and Sport, tasked the community to use the borehole effectively.
The Gaba Youth Leader, Mr Francis Musa, appreciated NSE Bwari branch for providing portable water, which indicated the begining of turn around for the community.
Musa said the community had a long way to go, as it needed youth empowerment programme, modern senior secondary schools, hospital facilities, among others.
Also, Chairman, Project Implementation Committee, NSE Bwari branch, Mr Ijirotimi Olanrewaju, during his vote of thanks, said the committe faced many hiccups in actualising the project.
Economy
NGX Closes Positive, Investors Gain N74bn
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
Economy
NES Decries Rising Inflation, Unemployment, Poverty, Others
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
Economy
Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.